Price Prediction: Dogecoin On The Edge of 50% Drop and HUH Token to Test All-time High After Announcing $500,000 Giveaway

According to TradingView, HUH 4-Hour Chart
According to TradingView, HUH 4-Hour Chart

Dogecoin price is trading sideways and seems to be caught in a push and pull between bears and bulls. If DOGE is unable to break through the overhead barrier, it is likely to retest the immediate support level and if it breaks this level it could fall sharply by over 50%.

Meanwhile, HUH Token looks set to break through its resistance level and test previous all-time highs after its creators announced a $500,000 giveaway competition that's taking place from now until December 26.

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Dogecoin (DOGE)

Not even the Tecnoking himself, Elon Musk, could get Dogecoin's price to move higher and reclaim its overhead barrier, after announcing that Tesla would start accepting DOGE as payment for some of its merchandise.

Musks announcement did cause a brief upswing but the bulls were unable to sustain the rally and the bears pushed the price back down to its support level in a matter of hours.

DOGE is now trading between the $0.182 and $0.160 support levels, indicating a lack of momentum. While the meme coin may attempt to breach the $0.182 resistance level, a failure will almost certainly result in a 12% correction to $0.160.

As previously stated, this level is critical and will likely determine the future of DOGE. A resurgence of buying pressure near this level could result in a brief rise of 13% to $0.182. If buyers decide to accelerate, DOGE could break through $0.182 and make a run for $0.211.

However, if Dogecoin's price closes below $0.151 on a daily chart, it will create a lower low, invalidating any bullish sentiment. In this case, Dogecoin's price may fall back to $0.12 and eventually the 0.078 support levels, respectively.

DOGE Daily Chart According to TradingView

DOGE Daily Chart According to TradingView

HUH Token (HUH)

HUH Token has announced a $500,000 giveaway to 25 PancakeSwap depositors from now until December 26, which may provide the impetus necessary to break HUH's overhead resistance and send it on a 60% upswing from current levels.

According to a Telegram announcement, if HUH Token reaches a market cap of $500 million by Sunday, the top depositor will receive $100,000 in HUH Tokens, followed by the top two and three depositors receiving $70,000, the top four and five depositors receiving $30,000, and the top six to twenty depositors receiving $10,000 each. Additionally, five lucky depositors will be chosen at random to receive $10,000 each.

"Rewards are not vested, and winners may sell immediately if they wish," the announcement states.

Fortunately, all wallets can be tracked on BscScan, allowing owners to determine their position in the top rankings.

HUH Token's price is currently trading in a narrow band between $0.0002012 and $0.0001522. If HUH can retest and break the upper level then the price would likely move upwards to test all-time highs around $0.0002725

According to TradingView, HUH 4-Hour Chart

According to TradingView, HUH 4-Hour Chart

The timing of HUH's new competition may provide the ideal impetus to push its price above the upper resistance line, thereby initiating a long-term bull trend.

HUH Token launched on December 6 and surged more than 4000% in less than a week, breaking into the top 20 on PancakeSwap. HUH has been included in a number of popular cryptocurrency indexes, including CoinMarketCap and CoinGecko. On Monday December 20, it was also launched on Bitforex, resulting in a positive price movement.

Since November, the global cryptocurrency market has been under increased selling pressure, losing nearly $1 trillion. HUH Token has managed to evade the majority of this selling pressure thus far.

On the other hand, the broader cryptocurrency market appears to be preparing for a rebound, as positive news from US policymakers continues to emerge and Bitcoin and Ethereum reclaim key support levels.

According to Robert Courtneidge, a Locke Lord attorney and co-founder of the Prepaid International Forum, "cryptocurrencies will play a critical role in the future of our society, and regulation will soon become a part of the cryptosphere."

For more on HUH Token:

HUH Official Swap- https://swap.huh.social/

Disclaimer: (This article is sponsored and includes some commercial links)

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